₦airaland Forum

The Maritime Correspondents’ Organisation of Nigeria (MARCON) has announced that the Federal Inland Revenue Service (FIRS) will lead discussions at its forthcoming 'All Maritime Journalists Retreat', where key stakeholders from the maritime, trade, finance, and technology sectors will converge to examine innovative solutions for enhancing Nigeria’s trade ecosystem.

This year’s retreat is scheduled to hold on Thursday, 4 December 2025 at De Marii Hotel LFZ, Lagos Free Trade Zone, Lekki, themed: “Maximising Emerging Technologies for Sustainable Import and Export Trade”.

The FIRS will deliver a technical paper titled “Onboarding on the National Single Window Platform: A Step By Step Guide”, offering participants practical insights into integrating with the National Single Window (NSW) — a transformative platform designed to streamline documentation, enhance transparency, and improve the efficiency of import and export processes.

In a press release jointly signed by Paul Ogbuokiri, Chairman and Adaku Onyenucheya, Secretary of the Conference Planning Committee, MARCON said that with the NSW Secretariat domiciled within the FIRS, the agency's participation underscores its crucial role in driving technology-enabled trade facilitation and supporting government efforts to modernise revenue and compliance processes.

The release further stated that with the NSW targeted to go fully live by the first quarter of 2026, the conference is both timely and strategic, offering a platform for the FIRS to educate stakeholders on the onboarding process and clarify compliance expectations.

Beyond the technical sessions, the retreat will provide an avenue for maritime journalists to deepen their understanding of the digital tools and policy frameworks reshaping Nigeria’s trade environment. Participants will be exposed to practical use cases and expert-led analyses to strengthen their reportage and industry engagement.

The retreat is also expected to foster stronger collaboration between the media and regulatory agencies, with a view to promoting accurate, development-focused coverage that supports Nigeria’s efforts to build a more competitive and technology-driven maritime sector.

Over 100 SMEs gain clarity on tax and business growth after Access Bank’s 3-Day SME Academy

More than 100 small business owners who participated in Access Bank’s maiden SME Academy have commended the programme for demystifying tax compliance, improving their understanding of business structuring, and strengthening their financial management skills.

Participants described the three-day training as timely and transformative, particularly the sessions on taxation and business planning, which addressed long-standing gaps that have hindered the growth of many small enterprises. They noted that the academy helped dispel widespread misinformation following recent tax policy changes that had created anxiety among SME operators.

Gbenga Agoye of Grandmade Ltd., a logistics and export company, said the tax module provided clarity on issues that previously stalled aspects of his operations. “I’ve been struggling with that, so I quite had an impressive knowledge about what it is and how to go about it,” he said. He added that the classes on leadership and customer service were equally valuable in strengthening his service delivery and operational discipline.

Another participant, Mosebolatan Ladi-Lawal of M2M Stores, noted that she entered the academy with limited understanding of both old and new tax requirements. “I didn’t know so much about the new tax, even the old tax, but we were really taught about it in this training and I believe it will help me scale better,” she said. She highlighted modules on VAT, business planning and the Pro-Max tax system as particularly impactful. According to her, learning the importance of structuring her business was a major takeaway: “Before, I was doing this one-man business. I have learnt now that I need to structure so that when I’m structured, I can diversify while this business can be managed effectively even in my absence.

The Academy focused on the most pressing challenges faced by early-stage enterprises, including valuation, proper record keeping, customer retention, and navigating evolving government policies.

According to Abiodun Olubitan, Group Head for SME Banking Products at Access Bank, these concerns were deliberately prioritized when developing the curriculum. She explained that the academy was designed for SMEs that have operated for at least two to five years and are now experiencing the complexities of scaling. “Valuation is a problem, taxation is another key thing, finance management. Then we had to delve into customer service so they are able to build their customer base and retain them,” she said.

Olubitan added that confusion triggered by the recent tax policy changes was a key reason for incorporating detailed tax education into the programme. “The most recent is the tax policy that just came out. It caused a lot of confusion. People are like, ‘Do I still need to run my business account?’” she said. She noted that the academy created space to simplify the rules and show SMEs how the new requirements directly affect their businesses.

She emphasized that Access Bank does not view government policies as harsh; rather, compliance feels burdensome because many small business owners lack the right guidance. She acknowledged that policymakers’ engagement with stakeholders, including SMEs and financial institutions, has improved in recent years. She also highlighted the availability of government-backed financing opportunities, such as those channeled through the Bank of Industry (BOI, even though access remains a challenge for many SMEs.

Olubitan further noted that Access Bank is extending support to unregistered businesses by recognizing consistent cash flow on personal accounts as a basis for credit qualification. “We know that they are running their businesses. We can see you even at your state as an individual. We’ve also put together facilities to support them using that cash flow so that we can give them financial support, grow with them, even give them opportunities to now register their business and start identifying as an SME,” she explained.

She encouraged entrepreneurs to remain informed, leverage available support channels including social media and capacity-building programmes, and remain committed to the long journey of building a sustainable business. “Entrepreneurship is not a sprint, it’s a marathon,” she said.

An ex-banker, Atoyebi Adeyemi Akande, was today arraigned before a Federal High Court Lagos, over alleged conspiracy and fraud of N150 million, by the Legal/Prosecution department of the Force Criminal Investigation Department (ForceCID) Annex Alagbon-Ikoyi Lagos.

Atoyebi was arraigned on the charges alongside his company, Atadak International Limited, before the court presided over by Justice Ibrahim Ahmad Kala.

The prosecutor, Barrister Morufu Animashaun, while arraigning the defendant, a resident of Orisunbare, Idimu, Lagos, told the court that he committed the alleged fraud between 2021 and 2022.

Animashaun specifically informed the court that the defendant allegedly defrauded the victim, Korode Segun, under false pretence of investing the N150 million, in his oil and gas business.

He told the court that the alleged illegal acts of the defendant, contravened Sections 8(1) and 1(1)(a) of the Advance Fee Frauds and Other Frauds Related Offences Act 2006 (as amended), and punishable under Section 1(3) of same Advance Fee Fraud and Other Fraud Related Offences Act 2006 (as amended).

The defendant however pleaded guilty to the two counts charge.

Upon the defendant’s plea of not guilty, the prosecutor prayed the court for a trial date, as well urged the court to remand the defendant pending the determination of the charge.

However, defendant’s lawyer, Barrister J. O. Uttiti, prayed the court for short date to file and move his client’s bail application.

Following the counsel’s submissions, Justice Kala adjourned the matter to December 11, for trial and hearing of defendants’ bail application.

The judge however ordered that the defendant be remanded in the NCos’ custody pending the hearing and determination of his bail application.

Charges Against The Defendants Read: “that you Atadak International Limited and Atoyebi Adeyemi Akande (M) between December, 2021 and September, 2022 at Orisunbare, Idimu, Lagos within the Jurisdiction of the Federal High Court, of Lagos State conspired amongst yourselves to commit felony to wit: Obtaining by False Pretence and thereby committed an Offence contrary to Section 8(1) of the Advance Fee Frauds and Other Frauds Related Offences Act 2006 (as amended).

COUNT 2
That you Atadak International Limited and Atoyebi Adeyemi Akande (M) between December, 2021 and September, 2022 at Orisunbare, Idimu, Lagos, within the Jurisdiction of the Federal High Court, of Lagos State with intent to defraud received, the sum of N150, 000,000 (One Hundred and Fifty Million Naira), the property of one Korode Segun on false representation that you operate an oil and gas company and thereby committed an Offence contrary to Section 1(1)(a) of the Advance Fee Frauds and Other Frauds Related Offences Act 2006 (as amended) and punishable under Section 1(3) of same Advance Fee Fraud and Other Fraud Related Offences Act 2006 (as amended).

Access Bank launches SME Academy to reduce high failure rate among Nigerian Small Businesses

Access Bank has launched the SME Academy, a new initiative designed to tackle Nigeria’s high rate of small business failures by equipping entrepreneurs with essential skills, knowledge, and resources for sustainable growth.

The programme was unveiled on Wednesday in Lagos, reinforcing the bank’s long-term commitment to strengthening the SME sector, a major driver of Nigeria’s economic development.

Speaking at the launch, Head of Retail Banking, Olumide Olatunji, noted that the academy’s introduction in Nigeria follows the successful rollout of a similar programme in Ghana, which led to measurable improvements in SME performance.

“Given the opportunities within Nigeria’s population and the central role SMEs play in sustaining the economy, it became necessary to bring this initiative home,” Olatunji said.

Group Head, SME Banking, Abiodun Olubitan, explained that the inaugural edition targets 80 established business owners and is structured as a three-day intensive training. The programme focuses on strengthening business structures, improving financial readiness, and boosting survival rates in a sector where many firms fail within five years.

“SMEs contribute over 80 percent to GDP globally, so supporting them is essential,” she said. “Our research shows that inadequate capital and weak capacity are major reasons businesses collapse. The academy addresses these gaps by providing practical tools entrepreneurs can immediately apply.”

Although the programme does not include grant funding, Access Bank will offer financing opportunities to participants who demonstrate strong business capacity and bankability after the training.

“Funding is important, but we want to support entrepreneurs who have the capacity to manage it responsibly. The academy helps us build that confidence,” Olubitan added. She also noted that the SME Academy will run multiple times annually, eventually becoming a pipeline for continuous mentorship and engagement.

The maiden cohort focuses on businesses operating for three to four years and looking to scale. The curriculum covers strategic planning, digital marketing, financial management, access to finance, and operational efficiency areas identified as common challenges for Nigerian SMEs.

Participants praised the initiative for delivering high-quality training at no cost.

Juliet Ike, CEO of TMA Global Consult, described it as a timely opportunity to strengthen her business structures, while Dr. Onipidan Adebayo of ShawBC Ventures highlighted the value of receiving business school–level insights for free.

With over 39 million MSMEs contributing more than 80 percent of employment and nearly half of Nigeria’s GDP, Access Bank’s SME Academy arrives at a pivotal moment. Industry experts say the initiative could become a model for sustainable SME development by prioritizing knowledge, building capacity, and supporting access to finance.

Through this academy, Access Bank positions itself not just as a lender, but as a strategic partner committed to nurturing a new generation of scalable, resilient Nigerian businesses and advancing inclusive economic growth.

Tension in Lagos as tenants accuse Greenbirch Limited of harassment and disturbing public peace 

Residents of 16 units of three-bedroom apartments located at 96B, Ladipo Omotesho Cole Street, Lekki Phase 1, previously rented to Greenbirch Limited, have accused the company of unlawful entry, theft, intimidation, harassment, threats to life, and breach of public peace, among other offenses.

The sub-tenants allege that it was shocking to discover that the apartments actually belong to RAO Investment Property Company Limited owned by the Okoya’s, which is currently in a legal tussle to recover the property from Greenbirch Limited. They claim that the company led by Mr. Lawrence Uwaoma Onwukwem, his partner Mr. Davies Isaiah Ijele, and staff members Mr. Sodiq Tayo Kazeem and Ms. Peace Chidinma Igbo has made life unbearable for them through acts of aggression and persistent harassment.

According to Mr. Odera Emeka Eke, who rented two units in August 2021, he carried out extensive renovations on the apartments, including replacing all sanitary wares, light fittings, kitchen cabinets, and ceilings with POP. These works were conducted in the presence of Greenbirch officials, who took custody of the old materials removed from the apartments.

Eke further explained that, being a new company at the time, Greenbirch lacked the expertise to manage the facility and often relied on tenants for operational guidance. “Certain agreements were reached regarding the power distribution and billing system. We purchased new electricity meters on the condition that Greenbirch would reimburse us, but that refund is still outstanding to date,” he said.

The sub-tenants also alleged that Greenbirch informed them of an outstanding electricity bill of over ₦20 million owed to EKEDC, purportedly arising from high power consumption from the water treatment plant. However, they later discovered that all were lies and that the bill stemmed from an illegal power bypass allegedly perpetrated by Greenbirch, which attracted a heavy penalty and arrears of EKEDC bill which Green Birch refused to remit though they had been collecting same from the sub-tenant. The sub-tenants had to contribute funds to offset the debt, while Greenbirch only paid ₦2 million, yet they were still required to sign an undertaking to EKEDC before reconnection was granted.

Following a court judgment in favour of RAO Investment Property Company Limited, owned by renowned industrialist Chief Razak Okoya CON, terminating Greenbirch’s tenancy and right of occupation, the sub-tenants believed their ordeal had ended. However, according to them, Greenbirch retaliated by disconnecting power and water supply, and deploying armed men to intimidate workers and residents within the facility.

“These actions forced us to petition the AIG, Zone 2 Police Command, over the illegal activities and harassment by Greenbirch’s armed agents,” Eke explained. “Rather than stop, the harassment intensified. They repeatedly disconnected our essential services, prevented reconnection, and recently, policemen from Area J have begun summoning tenants to the station under false pretenses. We have also been reliably informed that Greenbirch plans to remove the generator and decommission the water treatment plant in furtherance of their intimidation campaign. Our petition on this matter remains pending at the AIG’s office, Zone 2.”

Another set of sub-tenants, Mr. and Mrs. Olusola and Olufunmilola Alabi, who rented Block A, Flat 3 from Greenbirch in May 2021 for use as a short-let (Airbnb) business, narrated a similar experience. The couple alleged gross breach of tenancy agreement, stating that despite seeking redress in court, Greenbirch broke into their apartment, carted away properties valued at over ₦23 million, and re-let the apartment to another person.

“In a bid to cover up this illegality,” Mr. Alabi said, “Greenbirch petitioned the AIG, FCID Annex, Alagbon, falsely accusing my wife and I of fabricated crimes. Upon investigation by the Police X-Squad, it was established that it was in fact the tenant (Green Birch) and his associates who committed the offense of breaking and entry. Consequently, we filed our own petition dated November 12, 2024, to the AIG FCID Annex, formally reporting a case of breaking and entry/stealing against Green Birch and his partners.”

According to the couple, Greenbirch then escalated the matter to the DIG, FID Abuja, with another petition containing the same false allegations. However, the “Team J” Police Unit at FID Abuja dismissed the claims after investigation, reaffirming that the case against Greenbirch and its associates was criminal in nature.

The Abuja investigation report was later forwarded to the Lagos Annex for prosecution, but the Alabis allege that some officers “stylishly shelved the report” and advised them to await the outcome of the civil case despite several confirmations that the matter was indeed criminal.

Upon receiving a new police invitation at Alagbon, Greenbirch and its associates filed a Fundamental Rights Enforcement Suit at the Lagos High Court, joining the Alabis, the Inspector General of Police, AIG Alagbon, AIG Zone 2, and several police officers, seeking an order to restrain their arrest and investigation.

One of the company’s staff members, Ms. Peace Chidinma Igbo, was eventually arrested and charged to court for failing to produce Mr. Sodiq Kazeem, another staff member for whom she had stood surety. She was remanded in Kirikiri Correctional Facility for several days before meeting her bail conditions. The matter is currently before the Oyingbo Magistrate Court, Lagos, under Charge No: BG/K/23/25/2025 Commissioner of Police v. Peace Chidinma Igbo.

Meanwhile, Mr. Lawrence Onwukwem, Mr. Davies Ijele, and Mr. Sodiq Kazeem are said to have gone into hiding and have repeatedly failed to honour police invitations.

It should be recalled that Chief Razak CON and Chief Mrs. Shade Okoya MON recently debunked stories circulating in the media that Senator Domingo Obende sought to take over the said property as collateral for a $250,000 loan, describing such claims as fictitious, baseless, and maliciously intended to create confusion.

They also stated that Greenbirch sublet the apartments to 16 sub-tenants during its lease period but has since resorted to blackmail, harassment, and the deployment of fake armed policemen to the premises to intimidate lawful occupants, despite a subsisting court judgment against it.

Mr Lawrence and his agents are attempting to coerce tenants into paying advance rents running into millions of naira for several years before RAO Investment Property Company Limited reclaims its property. A payment they have no legal right to collect, yet they are still owing the Okoyas the outstanding rent.

The Okoya family in their statement therefore warned members of the public not to lease or transact any property dealings with the aforementioned individuals, describing them as persons with no fixed address and no lawful authority over the property.

Tony Elumelu’s Abuja Electricity Distribution Company (AEDC) is in crisis as the electricity firm has sacked over 800 employees, even as Nigerians continue to grapple with surging inflation, rising living costs, and persistent power outages.

In May 2023, Transcorp Group led a consortium that acquired AEDC. Tony Elumelu is the chairman of Transcorp.

The mass layoff, which commenced on Wednesday, November 5, 2025, follows months of internal restructuring at the power distribution firm serving the Federal Capital Territory, Kogi, Niger, and Nasarawa States.

Multiple sources within the company said that the management had initially planned to sack 1,800 workers, but the figure was later reduced to 800 after tense negotiations with the National Union of Electricity Employees (NUEE) and the Senior Staff Association of Electricity and Allied Companies (SSAEC).

“The management wanted to sack 1,800, but after much pressure, they brought it down to 800. The unions initially insisted that nobody should be sacked,” one AEDC employee said, pleading anonymity for fear of victimisation.

Another insider added that the affected workers were supposed to begin receiving their disengagement letters on Monday, but the process was delayed until Wednesday.

A copy of one of the letters, titled “Notification of Disengagement from Service” and dated November 5, 2025, was sighted by The PUNCH. It was signed by Adeniyi Adejola, AEDC’s Chief Human Resources Officer, confirming that the exercise was part of an ongoing “rightsizing process.”

The letter read in part: “We regret to inform you that your services with the company will no longer be required, effective 5th November 2025. This decision follows the outcome of the company’s ongoing rightsizing exercise. Please be assured that this decision was made after careful consideration and in accordance with company policy.

“You are kindly required to complete the Exit Clearance process in your Zone and return any company property in your possession before your final exit to your HR Business Partner. Completion of these formalities will be required before the processing of your exit payment.”

The company also stated that all affected staff would receive their entitlements after completing the exit process, noting that statutory deductions such as PAYE, check-off dues, and outstanding loans would be applied.

The mass retrenchment highlights the deepening crisis in Nigeria’s power sector, plagued by poor infrastructure, weak investments, and low cost recovery despite over a decade of privatisation reforms.

AEDC narrowly escaped a regulatory suspension last year following disputes over payment defaults and management changes that had previously rocked the company in 2021 and 2023. The firm, now under private management, has been under pressure from the Nigerian Electricity Regulatory Commission (NERC) to enhance service delivery and curb energy losses.

Observers fear the latest layoffs could further strain the already overstretched workforce and worsen customer dissatisfaction, particularly in Abuja and neighbouring states, where residents frequently complain of erratic electricity supply and arbitrary billing.

When contacted, Kenechukwu Ofili, AEDC’s Head of Customer Experience, confirmed the retrenchment exercise, describing it as a “routine process.”

Credit: PUNCH

Access Bank Plc once again demonstrated its commitment to the growth and sustainability of Nigeria’s Small and Medium-Scale Enterprises (SMEs) as it hosted an exclusive roundtable with its SME customers in Abuja.

The event, aptly titled “An Exclusive Roundtable with Chizoma Okoli,” held on Thursday, October 23, 2025, at the Reiz Continental Hotel, Abuja, brought together hundreds of entrepreneurs and business owners across diverse sectors. It was more than a corporate engagement; it was a genuine heart-to-heart conversation between the Bank and its customers.

The session opened with a remark from the Bank’s Unit Head, Strategic Communications, Oge Kasie-Nwachukwu, who welcomed guests and set the tone for the conversation. She then introduced the Bank’s Deputy Managing Director (Retail South), Mrs. Chizoma Okoli, whose presence was both reassuring and inspiring for the customers.

Addressing customers at the event, Okoli said, ‘At Access bank, we love SMEs, and that is why we have been engaging our SME customers across Nigeria since last year to know their pain points and how to serve them better. We have engaged with our customers in Portharcourt, Enugu, and Lagos. Today, we are in Abuja, we are here for you; to engage, to listen, and to understand how we can make our products and services better suited to your needs,” she said, earning nods of approval from the audience.

The event quickly evolved into an open, candid engagement where customers were encouraged to share their experiences and challenges. Participants raised issues ranging from technology downtimes and loan conditions to communication gaps and staff responsiveness. One recurring concern was the stringent collateral requirements attached to loan facilities.

Mr. Bala Muhammed, a public health consultant, urged the Bank to review its loan policies to make them more accessible to small businesses. On the other hand, Mrs. Ifeoma Grace Okoye, a small business owner, praised the Bank for its sustained support but encouraged it to do even more to empower SME operators.

Okoli in her response, addressed each issue with some reassuring honesty. On technology, she revealed that Access Bank is undergoing a major digital upgrade to ensure faster and smoother transactions. On loan conditions, she explained that regulatory standards from the Central Bank of Nigeria (CBN) sometimes shape internal policies, but assured customers that the Bank was exploring ways to ease access to credit and improve turnaround times.

“We are here because of you. We cannot do without you. We are not an institution that claims to know it all. We recognize our shortcomings, and we are committed to doing more,” she said with a resonating tone that reflects humility and sincerity.

The Group Head, SME Banking, Mrs. Abiodun Olubitan, also took the stage to outline some of the Bank’s key SME support initiatives, including its collateral-free loan scheme and other innovative financing solutions tailored to help small businesses scale.

Oge Kasie-Nwachukwu, Unit Head, strategic communications also reaffirmed the Bank’s commitment to enhancing communication with its customers. She emphasized that Access Bank remains open to partnerships and sponsorships that can help SME clients gain more visibility and access to growth opportunities.

As the dialogue deepened, customers became more knowledgeable about products and interventions the Bank had introduced in recent years they had not been aware of. Another customer, Mr. Lolu Adewalure, Chief Operating Officer of Rex Africa, commended the Bank for its consistency in dishing out values. Mr. Adewalure however called for further improvements in its digital infrastructure to enhance customer experience.

At the end of the extended session that lasted well beyond the scheduled closing time, many customers described the engagement as enlightening and impactful. They applauded the Bank’s leadership for creating an avenue where customers could be heard directly and their concerns addressed in ample time.

For Access Bank, it was not just another customer engagement; it was a reaffirmation of its philosophy; more than banking, it is about building relationships that empower growth. As the guests departed with smiles and renewed confidence, one sentiment echoed across the hall: Access Bank was not just talking about customer care; it was living it.

In response to the rising malaria burden in Nigeria, LG Electronics has joined forces with AXA Mansard Health to launch an impactful initiative that provides free malaria insurance to Nigerians, especially LG customers.

This groundbreaking partnership forms part of LG’s Life’s Good Care Campaign, designed to protect families and promote healthier communities nationwide.

According to the World Health Organization (WHO), 2023 recorded nearly a quarter of a billion malaria cases worldwide, with Nigeria accounting for 26%, the highest globally. The country, along with some African countries contributed nearly half of all global malaria cases.

Through this partnership, LG Electronics and AXA Mansard Health are taking bold steps to reduce malaria’s toll on Nigerian families by providing insurance coverage for malaria treatment, improving access to healthcare, and creating stronger public awareness around prevention. The free malaria insurance is designed to ease the financial burden of treatment and empower families with better access to healthcare solutions.

“Malaria continues to pose a serious health and economic threat to millions of families,” said Mr. Hyoung Sub Ji, Managing Director, LG Electronics West Africa. “Our commitment goes beyond innovative technology; it’s about improving lives. Partnering with AXA Mansard allows us to deliver practical healthcare protection to the people who matter most: our customers and communities.”

“We believe that healthcare must be accessible and affordable, especially when it comes to malaria, one of the most preventable diseases,” added Mrs. Jumoke Odunlami - Chief Distribution Officer, AXA Mansard & Director AXA Mansard Health. By working with LG, we’re expanding the reach of our malaria insurance plans to protect more families and make a meaningful impact. “One of the key lessons from 2020 is that healthcare remains a universal priority for everyone, regardless of age, gender, or background, we must continue to develop sustainable and innovative solutions that always address people’s health needs. This initiative is our way of contributing to the fight against malaria and reducing its impact across the country.” Mrs. Odunlami said.

Through this initiative, LG Electronics customers will have access to AXA Mansard Health’s Standard, Classic and Premium Malaria-care plans, designed to make quality healthcare more accessible and convenient. All plans offer telemedicine services, allowing customers to consult with qualified doctors remotely, alongside access to prescribed drugs at accredited pharmacies with free delivery within Lagos. The Premium Care Plan provides an added layer of protection by offering comprehensive Malaria coverage and access to over 1,000 hospitals nationwide, ensuring customers can receive care when and where they need it. This partnership reflects LG’s commitment to extending care beyond technology, making healthcare access a tangible benefit for Nigerian families.

The Life’s Good Care Campaign is a continuation of LG’s long-standing commitment to corporate social responsibility, reinforcing its position as a brand that truly cares about the people it serves.

For more information on how to benefit from this initiative, customers are encouraged to visit LG Electronics-authorized retail outlets.

Ernest Azudialu-Obiejesi, Nigerian oil magnate is currently facing hard times as a consortium of Nigerian banks has seized his Nestoil Towers, over an alleged estimated $1 billion debt.

The move followed a Federal High Court order issued on October 22, 2025, granting a Mareva injunction—an asset-freeze order—empowering First Trustees Limited and its subsidiary, FBNQuest Merchant Bank, to take control of Nestoil’s assets.

The injunction, granted by Justice D. I. Dipeolu of the Federal High Court in Lagos, was issued against Nestoil Limited, its affiliate Neconde Energy Limited, and the company’s principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.

Following the court’s ruling, armed police officers sealed off Nestoil’s corporate headquarters at 41/42 Akin Adesola Road, Victoria Island, Lagos, to enforce the receivership and prevent the movement or disposal of company assets.

Eyewitnesses said staff members were ordered out of the premises as police executed the possession order.

The court action arose from a debt claim filed by FBNQuest Merchant Bank Limited and First Trustees Limited against Nestoil Limited, Neconde Energy Limited, and their directors. The plaintiffs alleged that the companies and their promoters owed over $1.01 billion and ₦430 billion as of 30 September 2025, in respect of various credit facilities.

Justice Dipeolu granted multiple orders freezing the defendants’ bank accounts and shares across more than 20 financial and other institutions in Nigeria, including Citibank Nigeria Limited, Central Securities and Clearing Systems PLC, Fidelity Bank PLC, Guaranty Trust Bank PLC, Globus Bank Limited, Keystone Bank Limited, Opay Limited, Polaris Bank Limited, Providus Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Nigeria Limited, Sterling Bank PLC, Titan Trust Bank Limited, Unity Bank PLC, Wema Bank PLC, Gobowen Exploration and Production Limited, Hammako Consortium Limited, Krawcod Properties Limited, Santa Spring Oil and Gas Limited, Marine & Ocean Infinity Nigeria Limited, and White Dove Shipping Co. Ltd.

The court further authorised Abubakar Sulu-Gambari (SAN), the receiver/manager appointed by the plaintiffs, to take over Nestoil’s headquarters located at 41/42 Akin Adesola Street, Victoria Island, Lagos, along with other identified assets.

In addition to freezing Nestoil’s assets and those of its subsidiaries, the court directed multiple security agencies, including the Nigeria Police Force, the Nigerian Navy, and the State Security Service (SSS), to provide protection and assist in enforcing the takeover.

The order also empowered the receiver/manager to assume control of Neconde Energy’s interests in Oil Mining Lease (OML) 42, which is jointly operated with the Nigerian National Petroleum Company Limited (NNPCL) and its subsidiaries.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPCL were further instructed to grant the receiver access to the oil block and cooperate in managing production and revenue flows.

The Federal High Court adjourned the case to 7 November 2025 for the hearing of the substantive motion on notice.

As of press time, neither Nestoil nor Mr. Azudialu-Obiejesi had publicly commented on the court order or the sealing of the company’s premises.

The company has reportedly faced severe liquidity challenges in recent years, linked to mounting debts owed to several lenders.

Ernest Azudialu-Obiejesi established Nestoil in 1991, an EPCC company specializing in pipeline construction and related facilities, which has become Nigeria’s largest indigenous EPCC company in the oil and gas sector.

Azudialu-Obiejesi also founded Neconde Energy Limited, which operates OML 42. He is the founder and chairman of the Obijackson Foundation, which focuses on education, empowerment, skill acquisition, infrastructure, healthcare, and cultural enrichment in Nigeria.

He holds a doctorate in Business Administration from the International School of Management in Paris.

Court Orders Horizon Estate To Immediately Hand Over 4 Bedroom Flat (MT5A) To Owner


Justice Akingbola A. George of the Tafawa Balewa High Court, Lagos State has ordered a real estate firm Horizon Estate, a subsidiary of Lekki Gardens Estate, to immediately hand over the 4 Bedroom Maisonette (MT5A) at the Cyberville Estate Lekki Lagos, to a subscriber Omesham Patience Mbanuzuo.

The judge also issued an order of perpetual injunction restraining the real estate firm also known and called 'the Horizon Paradise Limited', either by itself or privies from further making demand on the subscriber, Omesham Patience Mbanuzuo, with respect to any outstanding payment on the one unit of 4 Bedroom Maisonette (MTS5A) at the Cyberville Estate.

The judge further issued an order of perpetual injunction restraining the firm from interfering with the quiet and peaceful possession and enjoyment of the said unit of 4 Bedroom Maisonette (MTSA) at the Cyberville Estate, Lekki, Lagos. While also ordered the company to pay the sum of N1 million to Mrs. Omesham Patience Mbanuzuo, as cost.

The court also declared that the claimant has fully discharged her obligations in the contract of the off plan purchase of a unit of 4 Bedroom Maisonette (MT5A) at the Cyberville Estate, which the defendant has finally completed after more than two years of the agreed construction and hand over date.

Justice George made the above orders and declaration while delivering ruling/judgment in a suit marked LD/3536LM/2025, filed by the home subscriber, Omesham Patience Mbanuzuo, against the company, Horizon Estates, a.k.a. the Horizon Paradise Limited.

Omesham through her lawyer, Pius Sodje, had dragged the company before the court over failure to hand over the property she had fully paid for.

She had specifically asked the court for the orders and declaration granted.

However, the real estate firm through its lawyer, Theophilus Ozumor, filed a counter affidavit and urged the court to dismiss the subscriber's suit with heavy cost.

Delivering judgment in the suit, Justice George, after reading through all the processes filed by the parties and the legal authorities cited, upheld all the arguments canvassed by the subscriber's lawyer and dismissed both the preliminary objection and counter affidavit filed by the real estate company, Horizon Estates a.k.a. 'the Horizon Paradise Limited'.

In granting the subscriber's claims against the rest estate firm, the judge held that: ".......in the final analysis and from the available evidences before the Court, I resolve the issues raised in favour of the Claimant and judgment is hereby entered as follows: "a declaration that the Claimant has fully discharged her obligations in the contract of the off plan purchase of a unit of 4 Bedroom Maisonette (MTSA) at the Cyberville Estate which the Defendant has finally completed after more than two years of the agreed construction and hand over date.

"An order of this Honourable Court directing the Defendant to immediately hand over the 4 Bedroom Maisonette (MT5A) at the Cyberville Estate to the Claimant.

"An order of Perpetual injunction restraining the Defendant either by itself or privies from further making demand on the Claimant with respect to any outstanding payment on the one unit of 4 Bedroom Maisonette (MTS5A) at the Cyberville Estate.

"An order of Perpetual injunction restraining the Defendant from interfering with the quiet and peaceful possession and enjoyment of the said unit of 4 Bedroom Maisonette (MTSA) at the Cyberville Estate, Lekki, Lagos.

"The Defendant shall pay the sum of N1,000,000.00 (One Million Naira) as cost to the Claimant. I so rule."

Irrua Monarch and Chiefs applaud ACCIOBA’s N3bn transformation of Annunciation Catholic College, Irrua


The Ogirrua of Irrua Kingdom and the Okaijesan of Esanland, His Royal Majesty, Alhaji W.O. Momodu II, JP, CON, a prominent traditional ruler in Edo State, and his Traditional Council of Chiefs, have commended the Annunciation Catholic College Irrua Old Boys Association (ACCIOBA) for their unprecedented rebuilding and transformation of their alma mater, Annunciation Catholic College, Irrua into a state-of-the-art secondary school in Nigeria.

In a statement signed by High Chief Chris Igene, Ph.D., the Enakhe of Irrua Kingdom, on behalf of the monarch and his chiefs, the Ogirrua noted that the secondary school, founded 70 years ago, has reclaimed its position as a leading institution in the region. The palace expressed admiration and appreciation for the wonderful initiatives undertaken by members of ACCIOBA leading to the complete rebuilding and revitalization of the premier secondary school in Esanland.

According to His Royal Majesty, “We commend ACCIOBA and its members for their outstanding commitment to reconstructing the school's dilapidated structures and building critical infrastructure such as roads, boreholes, science laboratories, dormitories, dining hall, auditorium, streetlights, staff quarters, and a center for entrepreneurship. These efforts have transformed Annunciation Catholic College, Irrua into a pivotal citadel of learning with modern facilities in Esanland, Edo State, and Nigeria.”

He further added, “the establishment of poultry and animal husbandry units has made practical agricultural education more engaging and effective for students. Additionally, the provision of a power source and a medical center staffed with trained professionals ensures quality healthcare for both students and the surrounding communities, making a real difference in Esanland and beyond.”

The revered traditional ruler prayed for continued blessings and protection from his ancestors for the old boys of A.C.C., Irrua, and urged former students of other schools within his kingdom to emulate the dedication demonstrated by ACCIOBA.

In a letter to the Irrua Palace, the Global President of ACCIOBA, Dr. Joseph Adonor Ohens, assured the palace, the Irrua Community, and the government of Edo State, that ACCIOBA is committed to supporting ACC in perpetuity. He indicated that an education endowment fund instituted by ACCIOBA to make ACC second to none in the country in terms of infrastructure and staffing is now N300 Million richer, with a sustainable plan to making it N1 Billion in ten (10) years.

He assured the Irrua monarch and his chiefs that the old boys and their families are deeply committed to transforming ACC into a 21st Century center of excellence for post-primary education in Nigeria.

According to him, "over the past four years, ACCIOBA has invested more than N3 billion to reconstruct the school into a modern secondary school comparable to high schools in the United States, Canada, and the United Kingdom.”

He added that, “the New ACC campus now features a network of solidly concreted roads, rehabilitated classrooms, science laboratories, a school library, the principal’s house, new academic staff quarters, youth corpers' lodge, a 20-bed medical center, sisters’ convent, a center for entrepreneurship, poultry and fishpond units, four boreholes, an ultra-modern 600-capacity hostel, an 800-seater student cafeteria, among other completed or ongoing projects.”

Dr. Ohens, a versatile journalist, legal scholar, and healthcare executive based in the United States, emphasized that ACCIOBA has become a committed catalyst for academic, economic, and community development in Edo State, particularly in Edo Central.

He informed the palace that the old boys look forward to inviting the monarch and his chiefs, the  Executive Governor of Edo State, His Excellency, Senator Monday Okpebholo, and the Edo State Commissioner for Education, Dr. Paddy Iyamu, to commission all completed projects on Saturday, March 28, 2026. And he hopes that would include a N450 Million Computer-Based Testing (CBT) Center ACCIOBA plans to build next as part of its ACC Rebuild Project.

Access Bank integrates PAPSS into AccessMore App, deepening Pan-African payment connectivity

Access Bank Plc has taken a major step toward seamless intra-African payments with the recent integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship mobile application, AccessMore. This strategic move underscores Access Bank’s commitment to enhancing cross-border payment experiences for its customers across the continent.

To mark the launch, the Chief Executive Officer of PAPSS, Mike Ogbalu III, paid a courtesy visit to the Bank’s head office in Lagos, where he held high-level discussions with Chizoma Okoli, Deputy Managing Director of Access Bank, and Seyi Kumapayi, Executive Director for African Subsidiaries at Access Bank. The discussions centered on deepening collaboration and optimizing the capabilities of PAPSS within the AccessMore ecosystem to deliver real-time, cost-effective, and secure cross-border transactions.

Speaking on the partnership, Chizoma Okoli, Deputy Managing Director, Access Bank said, “The integration of PAPSS into the AccessMore app is a significant milestone in our mission to unify Africa’s payment landscape. With Access Bank’s extensive footprint across the continent, this collaboration ensures that millions of our customers can now experience fast, efficient, and transparent cross-border payments like never before.

Our goal is to leverage what we are building together to unlock innovations that seamlessly connect the continent, and we are delighted to partner with PAPSS in making this vision a reality”

Mike Ogbalu, Chief Executive Officer (CEO) Pan-African Payment and Settlement System (PAPSS), commenting on the collaboration said, “Our partnership with Access Bank is a game-changer for cross-border trade and payments across Africa. With the integration of PAPSS on AccessMore, we are enabling customers, individuals, SMEs, and corporates alike to transact effortlessly across borders, thereby supporting the goals of the African Continental Free Trade Area (AfCFTA).

We’ve created a rail, and Access Bank has the network and customers. Within that, our rail can be used for all sorts of innovations. Access Bank can create products that we can carry on our network for every customer to use”.

Also speaking on the broader strategy, Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank, commented, “Access Bank’s vision is to be the world’s most respected African bank, and collaborations like this are essential to achieving that. By embedding PAPSS into AccessMore, we’re unlocking a new era of financial connectivity for our customers across our subsidiaries in over a dozen African markets.

PAPSS is significantly cost effective for cross border transactions, which makes it a highly valuable opportunity. To fully harness its potential, we need greater communication, stronger engagement, and coordinated rollouts across multiple countries at the same time. With the right momentum, we can accelerate adoption and achiever the scale this innovation deserves.”

This partnership between Access Bank and PAPSS is a step forward in realizing a fully interconnected Africa, where payments and trade move without friction. Customers can now enjoy a simplified, reliable, and faster method to send and receive money across African borders—directly from their AccessMore app.

The Access Bank Payments and Remittances Group manages AccessAfrica — the Bank’s proprietary cross-border payments platform — and oversees all remittance activities between Access Bank’s subsidiaries and international money transfer partners. At the core of its operations, AccessAfrica simplifies global transactions with speed, affordability, and reliability.

Currently available in Nigeria and 11 Access Bank subsidiaries across Africa, AccessAfrica enables cross-border payments to over 140 destinations worldwide through multiple channels, including branches, AccessMore, USSD, and Internet Banking. Access Bank is a leading force in African cross-border and remittance solutions, we facilitate a broad spectrum of international transfers — P2P, P2B, B2P, and B2B — reaching over 140 countries, connecting with more than 20,000 banks, and operating in over 20 global currencies. The Group also drives remittance services in partnership with licensed International Money Transfer Operators (IMTOs), enabling customers worldwide to send funds to beneficiaries in Nigeria either as cash payouts or direct bank credits.

Access Bank Launches 7th Edition of ‘W’ Health Month, Driving Women’s Wellness Across Africa

Access Bank Plc, through its Women Banking initiative, has unveiled the seventh edition of its flagship women’s wellness campaign, W Health Month. The annual program focuses on raising health awareness, providing vital screenings, and supporting women in building a stronger culture of health. Since its launch in 2019, W Health Month has been held every October, highlighting Access Bank’s commitment to improving women’s health and promoting greater awareness of critical health challenges across Africa.

Speaking on this year’s campaign, Nene Kunle-Ogunlusi, Group Head, Women Banking at Access Bank, explained that the initiative continues to evolve in response to the most pressing health challenges faced by women, while also providing practical support and preventive care.

“The 2025 edition of W Health Month will spotlight maternal and preventive health, with particular focus on raising awareness around fibroids, cancer, and maternal nutrition. One of the key highlights will be the Physical Health Screening Event scheduled for October 9, 2025, at Onikan General Hospital in Lagos. At this event, women, including pregnant and nursing mothers, will have access to free blood sugar tests, fibroid screening checks, breast scan, pap smears, alongside expert-led health talks.

We are also providing W Care Packs containing essential items for women and babies, in partnership with The Milk Booster further demonstrating our commitment to supporting women at every stage of their health journey.”

Beyond screenings, this year’s edition also showcases the benefits of the W Health Loan and the Bank’s strategic partnerships with leading healthcare providers. Women will gain access to financing of up to ₦10 million for fertility, weight loss, fibroid, child delivery, dental, orthopedic, eye, and cancer treatments, offered at zero loan fees and discounted rates. In addition, we have partnered with Cedarcrest Hospital in Abuja to provide a 30% discount on fibroid surgeries, with EMobile Specialist Hospital for 10% off fertility and surrogacy services, and with the B.R.A.N.T. Program to provide free IHC tests and additional cancer care support” Nene concluded.

W Health Month has grown into a leading platform for health advocacy across Africa. Over the years, the program has directly impacted more than 33,000 women in 35 countries through activities such as webinars, yoga sessions, PCOS awareness campaigns, and health talks. It has also provided free health screenings for over 14,000 women covering diabetes, breast and cervical cancer, and hepatitis B across 38 Nigerian locations, reinforcing Access Bank’s commitment to placing women’s health at the core of its impact agenda.

Registration for the October 9th event is currently open, and participants are encouraged to sign up via the official link or by following @thewcommunity on Instagram, Facebook, and X for further details.

Through initiatives like W Health Month, Access Bank continues to demonstrate that its role extends beyond financial services, standing as a trusted partner in the health, empowerment, and overall well-being of women across Africa.

29-year-old Ayomide Lamidi, a Loan Officer with First City Monument Bank (FCMB) Microfinance, was arrested on suspicion of stealing N11.6 million from the bank, on Thursday in the Ogudu Magistrates’ Court in Lagos.

As part of its Commercial and Retail Banking group, FCMB owns and runs the FCMB Microfinance Bank Limited, which offers financial services to underbanked Nigerians, small businesses, and low-income individuals. The bank was established to advance financial inclusion.

To encourage economic growth and entrepreneurship, it provides digital services, affordable funding, and financial literacy initiatives.

Inspector Sunday Bassey, the Prosecutor, informed the court that the defendant committed the crime at the bank branch on Ikorodu Road in Ketu between January and July of 2025.

According to Bassey, an internal audit found that the defendant had taken deposits and loan repayments from clients for personal use rather than depositing them into the bank’s account. He said that after learning of the fraud, the branch manager, Yetunde Ogundare, and the bank’s auditor, Mr. Adesola Adebowale, reported the incident to the police.

The defendant confessed to the act while being questioned, the prosecutor continued. According to him, the offence was against Section 287(7) of the Lagos State 2015 Criminal Law.

BrandSpur banking and finance news desk reports that the defendant was given N700,000 in bail by the magistrate, Mrs. O.A. Daodu, along with two sureties in an equivalent amount. The case was postponed for a follow-up hearing until October 7, 2025.

One of the newly established banks, Lotus Bank, has been attacked by alleged hackers, who removed several millions from its vault.

The bank was allegedly attacked sometimes in September 2024.

Meanwhile, three of the alleged hackers have been arrested and arraigned before a Federal High Court, Lagos, by the operatives of the Police Special Fraud Unit (PSFU) Ikoyi Lagos.

The alleged hackers arrested and arraigned in connection with the crimes are; Mohammed Abubakar, Isiyaka Hussein and Musa Mohammed.

The trip were arraigned before Justice Friday Ogazi on charges conspiracy and cybercrime related offences.

The three defendants were accused to have on September 17, 2024,
compromised and hacked into bank's core banking application, and created and opening several accounts which they transferred the funds to.

They were alleged to have fraudulently removed a total sum of N60, 479, 480 million, and transferred same to different accounts belonging to them and their cohorts.

The defendants' alleged illegal acts according to the police, contravened sections 27(b), 14(4), 16(1) of Cybercrimes (Prohibition, prevention Etc) Act, (As amended) 2024 and punishable under Section 27(2) of the same Act.

And sections 18 (2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act 2022.

Their act also contravened section 383(2)(a) of Criminal Code Act CAP. C38 and punishable under Section 390(9) of the same Act.

The three defendants have denied the allegations and pleaded not guilty to the charges.

Based on their not guilty plea, Justice Ogazi, has ordered that they should be remanded in the custody of the Nigerian Correctional Services NCoS pending October 10, 2025, when their bail application will be determined.

Parts of the charges against the defendants read: "that you Mohammed Abubakar ‘M”, Isiyaka Hussein ‘M’, Musa Mohammed ‘M’ and others at large on or about 17th day of September, 2024 in Lagos within the Jurisdiction of this Honorable Court did Conspire amongst yourselves to commit an offence to wit Computer Related Fraud and thereby committed an offence contrary to Section 27(b) of Cybercrimes (Prohibition, prevention Etc) Act, (As amended) 2024 and punishable under Section 27(2) of the same Act.

"That you Mohammed Abubakar ‘M’, Isiyaka Hussein ‘M’, Musa Mohammed ‘M' and others now at large on or about 17th September, 2024 in Lagos within the jurisdiction of this Honourable Court knowingly and without lawful authority fraudulently compromised and hacked into Lotus Bank Ltd Core Banking Application and created an opening wherein your cohorts transferred funds from their individuals accounts to another to the tune of N35, 479, 480. 00 and their accounts were not debited whereas beneficiaries received value for the transactions thereby committed an offence contrary to Section 14(4) of Cybercrimes (Prohibition, Prevention, Etc) Act, 2015 (as Amended) 2024 and punishable under the Section 14(6) of the same Act.

"That you Mohammed Abubakar ‘M’, Isiyaka Hussein ‘M’, Musa Mohammed ‘M' and others now at large on or about 17th September, 2024 in Lagos within the Jurisdiction of this Honorable, Court did Fraudulently compromised Lotus Bank Core Banking Application and convert the total sum of N25,000,000.00 which was transferred from Lotus Bank Ltd to Lotus Bank Account number 1003083007 with account name Mohammed Khalid Abubakar, Lotus Bank Account number 1001212357 with account name Aishat Talatu Jibrin and other private accounts when you reasonably ought to have know that the said funds form part of the proceed of an unlawful act and thereby committed an offence contrary to Section 18 (2)(b) of the Money Laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act 2022."